Time to Face Reality: Your Kids Don’t Want Your Stuff!

One estate planning mistake I see all the time is that parents want their children to inherit their homes and treasured possessions, and they assume their children would be happy to get them. But have you asked your kids? You might be surprised.

An older man sits in his living room filled with antiques.
(Image credit: Getty Images)

I know I'm going to get a few calls about this one, but hear me out. We talk a lot about managing your estate and strategies for making the most of an inheritance, but what we don't often talk about is what to do with your “stuff” and the realities that surround that.

When helping people with their estate planning, we obviously cover the big issues, such as IRA or retirement plan beneficiary info, wills, trusts, power of attorney and advance directives (or POLST). We review titling of the assets in your estate with your CPA or attorney. But what we often don't talk about is what to do with all of your stuff.

The reality is that what you want to happen with your stuff is often not what your heirs want to do with it.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

T. Eric Reich, CIMA®, CFP®, CLU®, ChFC®
President and Founder, Reich Asset Management, LLC

T. Eric Reich, President of Reich Asset Management, LLC (opens in new tab), is a Certified Financial Planner™ professional, holds his Certified Investment Management Analyst certification, and holds Chartered Life Underwriter® and Chartered Financial Consultant® designations.